AI agent for tax advisors
Like-Kind Exchange Deadline Agent
No missed deadline and a replacement plan that meets the value and debt tests, with boot known in advance
What it does
In a like-kind exchange of real estate, the client has 45 days from the sale to identify replacement properties and 180 days to close. Miss either date and the tax deferral is lost. The rules on how many properties may be named, and on replacing both value and debt, add traps. This agent starts at the sale date. It sets both deadlines, listing the days remaining. As the client names candidate properties, it checks each list against the identification rules (three properties, 200% or 95% tests). It then tests the value and debt replacement requirements against the sale numbers and the offer on each property, and shows any boot, the taxable amount. It reminds the client at set points and rechecks when offers change. The advisor approves each filing and client instruction. Edge case: the 180th day falls on a weekend and the tax return due date arrives sooner, so the agent flags it.
How it works
Follow the arrows from top to bottom. The orange dashed arrow is the loop: when a check fails, the agent goes back and tries again.
Read the steps as a list
- Relinquished property closes
- Read the closing statement for price, debt and net proceeds
- Set the 45 and 180 day dates and the return due date
- Record the candidate properties and their offers
- Does the identification list meet the three-property, 200% or 95% rule?If not: tell the advisor which rule fails and test the corrected list. Back to step 3.
- Test the replacement value and debt against the sale
- Does the plan replace at least the value and debt of the sale?If not: calculate the boot and suggest changes in the purchase or added cash. Back to step 3.
- Send reminders at 30, 10 and 3 days before each deadline
- Update the plan when offers change and retest
- Advisor approves each client instruction and filingThe agent waits here for your OK.
- Exchange completed and file closed
How it decides
It checks every identification list against the three-property, 200% and 95% rules and replacement value and debt tests, and warns when the numbers imply taxable boot.
- Count days from the date of transfer of the relinquished property
- Warn at 30, 10 and 3 days before each deadline
- Flag any list that exceeds three properties without passing the other tests
- Highlight boot above $1 as taxable
Make it yours
Every agent is a starting point. You choose these settings for your own situation.
- Reminder days (default 30, 10 and 3)
- Time zone and date rule
- Format of client instructions
- Property types tracked
What keeps you in control
It always asks you first
- Instructions to the client
- Filing the exchange forms
Hard limits
- Never gives final tax advice, drafts for the advisor
- Never files forms itself
- Counts dates from source documents
It stops when
- Done: exchange closes within 180 days
- Stop: a deadline passes or the intermediary data is missing
Set it up
We guide you through the set-up, step by step
Members get the full set-up guide for this agent. No technical skills needed: you copy, paste and upload.
- One set of instructions to paste into your AI, with the clicks for ChatGPT, Claude, Microsoft 365 Copilot, Gemini and Grok
- The agent then walks you through connecting your own data, one source at a time
- A downloadable copy with the flow chart, the rules and the full guide
